Online trading system having real-time account opening

ABSTRACT

In one embodiment, the online trading system having a real-time account opening process comprises one or more computers coupled to a network. The computers maintain a brokerage account database, and service web page requests received over the network. The web pages are preferably configured to implement a real-time account opening (RTAO) process that establishes new brokerage accounts in the account database. The RTAO process may include (a) obtaining contact information; (b) creating a new record in the brokerage account database for the contact information; (c) obtaining brokerage account application information; (d) updating the new record with the application information; (e) displaying a brokerage account contract; and (f) securing online agreement to said brokerage account contract. The process preferably also includes obtaining funding information to automatically initiate a transfer of funds to the brokerage account.

The present application is a continuation of Ser. No. 09/802,701, filedMar. 9, 2001 now U.S. Pat. No. 7,778,913, and entitled “Online TradingSystem Having Real-Time Account Opening”.

BACKGROUND

1. Field of the Invention

The present invention relates generally to systems and methods forproviding online services. More particularly, the present inventionrelates to a online trading system that allows users to open accounts in“real time”, i.e. the account is opened while the user waits, and theuser is able to perform trading operations immediately after the accountis opened.

2. Description of the Related Art

The stock market allows individuals to buy and sell ownership interestsin publicly traded corporations. Such ownership interests may be tradedthrough trading of shares of company stock, trading of options on astock, and/or trading of holding companies or mutual funds that own aportion of the company.

The advent of online trading has made it convenient for individualinvestors to participate in the stock market, and consumer response tothe availability of online trading has been phenomenal. In 1999 alone,the number of online brokerage accounts grew by over 100%, so that bythe end of 1999 there were well over 10 million online brokerageaccounts. The increased number of investors and increased trading volumehas encouraged many brokerages to compete for market share by reducingtrading costs. Of course, brokerages can only handle greater volumes atreduced costs by improving the efficiency of their processes.

One of the processes that would benefit the brokerage is the process foropening new accounts. The traditional process requires interested peopleto (1) call to request an application; (2) wait for the application tobe mailed to them; (3) fill out and sign the application; (4) providefunding information or a write a check; (5) mail the completedapplication to the brokerage; (6) wait for the account to be opened; and(7) wait for the account access information to be mailed. This processtakes an average of 3 weeks to complete, and costs the brokerage roughly$25 per application in time and processing expenses. The “abort” rate(customer decides not to complete the account opening process) ranges ashigh as 80%.

A recent improvement in the process for opening accounts is the “OnlineApplication”. In the Online Application process, interested people canlocate and electronically fill out an application form on theircomputers, thereby bypassing steps (1) and (2) above. The brokerage alsoretained the application in electronic form, so step (6) also requiredless time. However, because the law requires a signature, people stillhad to print out, sign, and mail the applications. The OnlineApplication process takes an average of five days to complete, and coststhe brokerage roughly $12 per application in time and processingexpenses.

Often, people are motivated to open a brokerage account because theyhave an investment idea they want to pursue. However, three weeks, oreven three days, seems an eternity to people in this modern age of fastservice and instant gratification. Thus the brokerages are frustratingthe desires of their potential customers even before the first trade isplaced. Accordingly, it would be desirable to provide a system by whichinvestors could open trading accounts in real-time, and begin investingimmediately once the account has opened. Such a system would preferablyisolate the potential investor as much as possible from the commercialdifficulties of Securities Exchange Commission (SEC) regulations,account administration, funds transfer, and fraud prevention, therebymaking the investors first experiences as pleasant as possible.

SUMMARY OF THE INVENTION

The problems outlined above are at least in part addressed by an onlinetrading system having a real-time account opening process. In oneembodiment, the online trading system comprises one or more computerscoupled to a network. The computers maintain a brokerage accountdatabase and service web page requests received over the network. Theweb pages are preferably configured to implement a real-time accountopening (RTAO) and process that establishes and funds new brokerageaccounts in the account database. The RTAO process may include (a)obtaining contact information; (b) creating a new record in thebrokerage account database for the contact information; (c) obtainingbrokerage account application information; (d) updating the new recordwith the application information; (e) displaying a brokerage accountcontract; and (f) securing online agreement to said brokerage accountcontract. The process preferably also includes obtaining fundinginformation to automatically initiate a transfer of funds to thebrokerage account.

The present invention further contemplates a method of trading anownership interest in a publicly traded corporation. In one embodimentthe method includes: (a) providing account application information to anonline brokerage; (b) electronically signing an account agreement; (c)authorizing a real-time transfer of funds; and (d) placing a onlinetrading order using an abbreviation associated with said publicly tradedcorporation. The real-time transfer of funds may preferably be anautomated clearing house (ACH) transfer from a checking account, or mayoptionally be a credit card charge.

BRIEF DESCRIPTION OF THE DRAWINGS

For a more detailed description of the preferred embodiment of thepresent invention, reference will now be made to the accompanyingdrawings, wherein:

FIG. 1A is a prior art personal computer;

FIG. 1B is a representative block diagram of a personal computer;

FIG. 2 is a prior art computer network;

FIG. 3 is a component diagram of an online trading system in softwarespace;

FIG. 4 is a flowchart of a principalling process;

FIG. 5 is a flowchart of a real-time account opening process; and

FIG. 6 is a flowchart of a trading order placement process.

While the invention is susceptible to various modifications andalternative forms, specific embodiments thereof are shown by way ofexample in the drawings and will herein be described in detail. Itshould be understood, however, that the drawings and detaileddescription thereto are not intended to limit the invention to theparticular form disclosed, but on the contrary, the intention is tocover all modifications, equivalents and alternatives falling within thespirit and scope of the present invention as defined by the appendedclaims.

DETAILED DESCRIPTION OF THE PREFERRED EMBODIMENT

Turning now to the figures, FIG. 1A shows an exemplary computer systemthat a person can use to run software and access information on theinternet. A user can interact with the computer system via the userinput device 14 and the output device 16 that are coupled to thecomputer 12. The computer 12 executes software stored internally orreceived from digital information communication media 18. Of course manyvariations exist for each of these components, and the particularconfiguration shown is not intended to exclude other configurations thatare known in the art.

FIG. 1B shows an exemplary configuration of a representative prior artcomputer 12. Computer 12 includes a CPU 102 coupled to a bridge logicdevice 106 via a CPU bus. The bridge logic device 106 is sometimesreferred to as a “North bridge” for no other reason than it often isdepicted at the upper end of a computer system drawing. The North bridge106 also couples to a main memory array 104 by a memory bus, and mayfurther couple to a graphics controller 108 via an advanced graphicsprocessor (AGP) bus. The North bridge 106 couples CPU 102, memory 104,and graphics controller 108 to the other peripheral devices in thesystem through a primary expansion bus (BUS A) such as a PCI bus or anEISA bus. Various components that understand the bus protocol of BUS Amay reside on this bus, such as an audio device 114, a modem interfacedevice 116, and a network interface card (NIC) 118. These components maybe integrated onto the motherboard, or they may be plugged intoexpansion slots 110 that are connected to BUS A. As technology evolvesand higher-performance systems are increasingly sought, there is agreater tendency to integrate many of the devices into the motherboardwhich were previously separate plug-in components.

If other secondary expansion buses are provided in the computer system,as is typically the case, another bridge logic device 112 is used tocouple the primary expansion bus (BUS A) to the secondary expansion bus(BUS B). This bridge logic 112 is sometimes referred to as a “Southbridge” reflecting its location vis-à-vis the North bridge 106 in atypical computer system drawing. Various components that understand thebus protocol of BUS B may reside on this bus, such as hard diskcontroller 122, Flash ROM 124, and Super I/O controller 126. Slots 120may also be provided for plug-in components that comply with theprotocol of BUS B. The Super I/O controller 126 typically interfaces tobasic input/output devices such as a keyboard 130, a mouse 132, a floppydisk drive 128, a parallel port, a serial port, and sometimes variousother input switches such as a power switch and a suspend switch.

Computer 12 may be coupled to a network or to the Internet via modem 116or NIC 118. FIG. 2 shows an exemplary network 202 that couples computer12 to other computers 204-212. In this circumstance, the user ofcomputer 12 can access information stored on other computers. One wayfor a user to do this is to execute “browser” software on computer 12.Browser software is normally stored on internal long-term storage mediasuch as hard disk 122 (FIG. 1B). When the user initiates execution ofthe software, the processor 102 loads the software into memory 104, andthen accesses individual instructions from the software as needed forexecution.

Browser software normally includes a graphical user interface (GUI) thatgraphically presents the user with a set of options on output device 16(FIG. 1A), determines which, if any, of the available options that theuser selects via input device 14, and responsively presents a new set ofoptions in accordance with the user's selection.

Conventional browser software presents the user options in the form of aweb page. The browser can retrieve the web page from computer 12 or fromother computers coupled to the network. Web pages are typically writtenin hyper-text markup language (HTML), a programming language that allowsprogrammers to present options in the form of “links” from graphics ortextual items within a page to other pages having new options in similarform. Some web pages include embedded software “applets” that thebrowsers can execute to accept text input, perform calculations, animateobjects on the screen, and/or send information to other computers.

Thus the user of computer 12 can access information and servicesprovided by others on other computers coupled to network 202 (FIG. 2).One such service is online trading. In FIG. 2, assume one or more of thecomputers (say 212) is a web server, that is, a computer that providesaccess to a set of stored web pages. Another one or more of thecomputers (say 210) is an account server, that is, a computer thatmaintains a database of all customer accounts at a brokerage. Yetanother one or more of the computers (say 208) is a trading server, thatis, a computer that maintains a tracking database of prices for equitiestrading on the stock exchange(s), and that maintains a database ofcustomer trading orders.

A user wishing to place an online trading order launches a web browseron computer 12, and accesses a “login” web page on web server 212. Thelogin web page allows the user to type in a username and password, andpress a graphic button labeled “Log In”. Pressing the button causes thebrowser to send the typed information to web server 212 in an attempt toload an account web page. Web server 212 uses the received informationto access account server 210 to verify that the user has an account, andto determine the various account balances, preferences, and notices. Ifthe username and password are invalid, web server 212 sends a “loginfailure” web page to computer 12. Otherwise, web server 212 uses theinformation received from account server 210 to construct an account webpage that is then sent to computer 12.

The user can then select a trading button on his account web page,prompting the computer 12 to retrieve a trading order web page from webserver 212. The user can then type in a stock identifier, a price, andan order type, and press a “place order” button. Pressing the buttoncauses computer 12 to send the order information to web server 212. Webserver 212 accesses the account server 210 to verify that the necessaryfunds are present, and if so, accesses the trading server 208 to get askand bid quotes for the stock, and constructs a review page. The reviewpage gives the user a chance to review the order, compare his tradeprice with the current ask and bid quotes, and press either the“Proceed” button or the “Cancel” button. Pressing the Proceed buttoncauses computer 12 to request a confirmation page from web server 212.In response, the web server 212 sends the order to trading computer 208,and sends a confirmation to computer 12.

The above description illustrates the interaction of the hardwareinvolved in an example of an online trading system. However, thehardware configuration is merely the backdrop for the online tradingsystem. To the user, and indeed, to the brokerage, the hardwareconfiguration is invisible. A wide variety of hardware configurationsmay be used to achieve essentially the same results. Each of the tasksmay be distributed across several computers or congregated onto one.

Accordingly, a popular way to design and explain network-based softwareand services is to use “software space”. In software space, the focus ison the tasks to be performed and the interactions between the processesthat perform them. FIG. 3 shows an online trading system 302 in softwarespace. Online trading system 302 includes, among other things, a set ofweb page templates 304, a customer account database 306, a chroniclingdatabase 308, and an order database 310. Chronicling database 308 trackschanges to account database 306 and order database 310. A web-basedinterface 312 conveys communications to and from users accessing theonline trading system 302. A web server process 314 provides viainterface 312 web pages to the users in response to their requests.Other than the initial login page, the user's computers generate therequests in accordance with options provided by the server process 314in the web pages. In this manner, the server process 314 maintainscontrol of user access.

The web pages provided by the server process 314 are generated by theserver process 314 using templates 304 and information obtained fromdatabases 306-310. The requests received by the server process 314 guidethe process in communicating with the databases to obtain theinformation needed to service user requests. As mentioned before, theserequests will be limited to options provided by the server process 314in accordance with the web page templates 304. Consequently, the webpage templates 304 define procedures for users to accomplish theirdesired actions. Some of these procedures are described in detailfurther below.

The online trading system 302 also includes other processes, such as,e.g., an order execution process 316, a customer service process 318, afraud checking process 320, and a principalling process 322. Each ofthese processes runs concurrently and independently. Order executionprocess 316 operates on trading order database 310 to identify whichorders can be completed, and to present these orders to the tradingexchange (not specifically shown) for acceptance. Once accepted, theorders are marked completed and the account database is updatedaccordingly.

Customer service/monitoring process 318 monitors the databases forerrors and alerts customer service personnel of any conditions that mayrequire intervention to correct. For example, if real-time accountsremain unfunded after three days, the monitoring process will alert acustomer service representative who will cancel any pending limit ordersand process other trades in accordance with established risk guidelines.Customer service personnel can also access the databases via process 318to resolve any customer complaints.

Fraud checking process 320 screens the account database and chroniclingdatabase for questionable account information or suspicious tradingactivity. This process preferably reviews all new accounts every 30minutes. Process 320 will flag the relevant accounts for review by acustomer service representative and/or impose restrictions on activityin the account.

Principalling process 322 is now described in detail, beginning with thetraditional method. Traditionally, the national association ofsecurities dealers (NASD) regulations have required that every accountapplication be reviewed by a “principal”, i.e. a brokeragerepresentative authorized to make business decisions for the brokerage.The principal scans the application and determines the appropriateaccount restrictions for margin and option accounts, taking intoconsideration the net worth, goals, and investment style of theapplicant. This must be done within three days of the settlement of thefirst trade for cash accounts, and within one day of the settlement foroption accounts. Recently, this procedure involved manual scanning ofapplications into work distribution software. The work distributionsoftware then made the application available in image form for review bythe principals.

Principalling process 322 reduces the effort associated with theprincipalling procedure. Server process 314 in conjunction withtemplates 304 allows a user to perform the account opening processonline, as described in greater detail below. Principalling process 322makes use of the application information as stored in the accountdatabase 306.

FIG. 4 shows a flowchart of principalling process 322. A brokeragerepresentative may initiate the principalling process by clicking adesktop icon or selecting the program from the program menu. In block402, the representative is presented with a “Principal Selection” screenpreferably having radio button choices of (a) cash-only accounts; (b)margin accounts; and (c) option accounts. The selection screenpreferably also includes a “Go” button and a “Done” button. Therepresentative may select one of the account types and press the “Go”button, or may press the “Done” button to exit.

Block 404 tests to see if the Done button was pressed. If so, theprocess halts. Otherwise, in block 406, the process lists allunprincipalled accounts of the selected type. Alternatively, if thereexists more than some maximum number of unprincipalled accounts (e.g.100), the process may present the maximum number of accounts. Theaccount listing preferably provides different fields depending on theaccount type. For cash-only accounts, the account listing preferablyincludes:

Registration (Individual, JTWROS, Custodian, etc)

Customer name

Mailing address

Additional address (if any)

Date of birth

Country of residence

Occupation

Employer

Employer business address (city, state, zip code)

Officer, Director or 10% shareholder (Yes/No and company name)

For margin accounts, the account listing preferably includes the abovefields along with:

Annual Income

Total Net Worth

Liquid Net Worth

Investment Objective

For option accounts, the account listing preferably includes the fieldsfor cash and margin accounts, along with:

Option level requested (level 1, 2 or 3)

Marital Status

Number of dependents

Options knowledge

Options trading experience

Average transaction size

Number of years experience in trading stocks

Number of years experience in trading bonds

Number of years experience in trading options

Total transactions per year in stocks

Total transactions per year in bonds

Total transactions per year in options

A check box is preferably provided next to each account in the listing.In block 408, a principal scrolls through the listing, selecting thecheck boxes next to the accounts that the principal wishes to decline.The computer may pre-select check boxes of accounts that do not satisfyheuristic criteria. Alternatively, the selected check boxes may indicatethe accounts that the principal wishes to accept, and the computer maypre-select check boxes of accounts that do satisfy heuristic criteria.

Once the principal is satisfied with the assigned account statuses, theprincipal can press a “Continue” at the bottom of the listing.Alternatively, the principal can press a “Cancel” button at the bottomof the listing. In block 410, a test is made to determine which buttonwas pressed. If the cancel button was pressed, the process returns tothe Principal Selection screen in block 402. Otherwise, the processprompts the Principal for a password in block 412. Block 412 may alsorequire the Principal to enter a username as well. If the password isincorrect, additional attempts may be allowed.

Block 414 tests the validity of the password. If the password is stillincorrect after several attempts, the process returns to the principalselection screen in block 402. Otherwise, the process assigns thedesignated accept/decline status to the listed accounts in block 416. Inblock 418, accounts which have been declined may be sent to the manualreview process. Preferably, this involves assigning the declinedaccounts to a customer service representative who may review the reasonsfor disapproval and may work with the customer to rectify defects in theapplication.

In block 420, the approved accounts are archived to Write-Once-Read-Many(WORM) storage media, where they are kept to satisfy regulatoryrequirements. In block 422, each of appropriate online databases areupdated to reflect the assigned status of the principalled accounts. Areport may also be generated at this time. The process then returns tothe selection screen in block 402.

This completes the detailed description of the principalling process322. Some aspects of the server process 314 are now described. Inparticular, the account opening process and the trading order entryprocess implemented by server process 314 will be described in detail.

FIG. 5 shows a flow diagram of the account opening process. This processwill preferably be available seven days per week or have the capabilityto queue transactions while the system is unavailable so that there isno negative impact on real-time transactions. The server applicationthat implements the account opening is preferably fully redundant andfault-tolerant.

The process begins in block 502 where the customer is presented with aninitial “Application” screen that allows the customer to select anaccount type and a funding method. Three account types are presented,with a radio button next to each:

Cash account—requires full funds for purchases

Margin account—allows borrowing against the assets in the account

Margin account with options trading.

The customer selects one of the account types, and then selects afunding method. Four options are provided for the funding method, with acheck box next to each:

Trade today—Open and fund real-time using funds from checking account

Check enclosed

Transfer an account from another brokerage, mutual fund, or bank

Securities certificate(s) enclosed (such as stock certificates).

The customer selects at least one of the boxes, and then presses a“Next” button. Note that the Trade today option may be absent if theserver process determines that one or more of the required databases forreal-time account opening is unavailable.

In block 504, the customer is prompted to enter name, address, andcontact information such as phone number, email address, etc. In block506, the address is verified. This verification may include, forexample, examining a zip code database to verify that the given cityincludes that zip code. If a discrepancy is detected, the customer isgiven unlimited opportunities to correct it. Once the address isverified, an account record is created in block 508, and the account isadded to the account database. This allows customer service to followthrough if for some reason the application process is not completed.

In block 510, the customer is prompted to enter a social securitynumber, a date-of-birth, residency, and employment information. In block512, the entered information is verified. The verification may include,for example, looking up the social security number in a database toensure that the social security number is valid. The customer is givenunlimited opportunities to correct any detected discrepancies. Once thediscrepancies have been eliminated, the customer is prompted forinvestment profile information in block 514. The investment profileincludes such information as the customer's investment objectives,investment experience, and other investment accounts.

In block 516, the customer is prompted for a cash reserve portfolio,i.e. money market, treasury bonds, etc., in which to place money notcurrently invested in securities. In block 520, the customer's accountrecord is updated with the information that the customer has entered. Inblock 522, a test is made to determine if the customer qualifies for areal-time open account. The requirements include U.S. Citizenship orResident Alien status, a valid social security number, and not being anemployee of a brokerage or securities dealer. The requirements mayinclude that the account not be an options account. In addition, therequirements may include a restriction that the customer not have openedmore than one account within the past day or so. If the requirements arenot satisfied, then in block 524, the application is printed on paperfor the customer to sign and send to the brokerage along with anyadditional required materials.

If the requirements for real-time account opening are satisfied, then inblock 528 a test is made to determine if the customer requestedreal-time account funding. If not, then in block 524 the application isprinted for mailing with a check or other source of funds for theaccount. Otherwise, the customer is provided with a disclosure in block530. The disclosure preferably complies with the state and federalE-Signature laws, as well as any applicable and NASD regulations, andmay read as follows:

By selecting the radio button labeled “I Agree” immediately over thecustomer's printed name, and pressing the “Next” button, the customer iselectronically signing a binding agreement. Block 532 checks to see ifthe agreement has been electronically signed. If not, then theapplication is printed out for a manual signature in block 524.Otherwise, the customer is prompted for funding information in block533. This funding information is that which is required for an AutomatedClearing House (ACH) transfer of funds from a checking account. Itincludes standard information from printed checks such as the Name ofthe Financial Institution, the routing number, and the account number.The amount of the transfer is preferably limited to between $1000 and$5000. The ACH information may preferably be validated, i.e. thecomputer may verify that the routing number has nine numeric digits, andbegins with a 0, 1, 2, or 3.

In block 536, the ACH transfer is attempted to fund the account. Theresults of the attempt are logged in a statistics database in block 538,as well as to the account in block 540. In block 542, a test is made todetermine if the account has been funded. The appropriate confirmationpage is provided in block 544 or block 546. In block 544, acongratulations page is provided with current buying power and tradinginstructions. An explanation may be provided to explain the accountingmethod for RTO accounts. For example, the explanation may state that areal-time account balance will be displayed as zero prior to trading andfunding and will be displayed as a negative amount after trading butprior to funding. Once the funds have been deposited in the E*TRADEaccount, the account balance will display the buying power.

In block 546, a message is provided that the account has beensuccessfully opened, but that the funds transfer has not been completed.If the transfer is pending, a customer service number is also provided,and the customer is encouraged to call or check back later. If notransfer is pending, the customer is requested to fund the account bymailing a check. Trading is not allowed for these accounts until thefunds are received (i.e. the buying power is set to zero). Thiscompletes the account opening process.

The trading order entry process is shown in FIG. 6. In block 602 atrading page is presented, from which a customer may request stockquotes, account balances, and recent news items. The customer may alsopress a “Place Trading Order” button to place an order. In block 604,the customer is presented with an order form that has fields for ordertype (market, limit), number of shares, stock symbol, and price. Whenthe customer presses a “Done” button, the information is parsed andpresented to the customer as the computer understands it, and thecustomer is asked to press a “Confirm” button.

Once the customer confirms, a test is made in block 606 to determine ifthe customer's account is a Real-Time Open account. Accounts that havebeen opened using the real-time account opening process describedpreviously preferably continue to be labeled as RTO accounts until thefunds have been received by the brokerage (usually within 3 days). Ifthe account is not a real-time account, in block 614 the order is addedto the order data base 310 for execution by the trading process 316(FIG. 3), and the customer is presented with an “Order accepted” page.

Otherwise, in block 608 the process checks to see if the RTO account hasexpired, i.e. if more than 3 days have passed without the arrival offunding for the account. If the account has expired, then in block 616,the customer is presented with an “Order rejected” page. If the accounthasn't expired, then in block 610, the order is examined for compliancewith the restrictions placed on RTO accounts. These restrictions mayinclude a prohibition on trading highly volatile stocks, thinly tradedstocks, and “penny” stocks. Also, the customer may not be allowed toperform short sales or trade options, mutual funds, or bonds. Thetransaction amount plus preceding transaction amounts may be required tobe less than the customer's initial funding amount. In block 612, thevalidity of the order is determined, and if the order complies with therestrictions, it is added to the order database in block 614. Otherwise,it is rejected in block 616.

While preferred embodiments of this invention have been shown anddescribed, modifications thereof can be made by one skilled in the artwithout departing from the spirit or teaching of this invention. Forexample, real-time funding of accounts may be accomplished using acredit card or debit card. The embodiments described herein areexemplary only and are not limiting. Many variations and modificationsof the system and apparatus are possible and are within the scope of theinvention. Accordingly, the scope of protection is not limited to theembodiments described herein, but is only limited by the claims whichfollow, the scope of which shall include all equivalents of the subjectmatter of the claims.

What is claimed is:
 1. A method, comprising principalling, by aprocessor, online brokerage accounts, wherein the principallingcomprises: obtaining an account type selection; presentingelectronically a list of new brokerage accounts having the selectedaccount type to at least one principal, the principal representing abrokerage; obtaining from the at least one principal an individualstatus designation for each of the new brokerage accounts listed,wherein said designation is indicative of acceptance or non-acceptanceof the new brokerage accounts; obtaining a password from the at leastone principal; and if the password is valid, updating records of the newbrokerage accounts to reflect the individual status designations.
 2. Themethod of claim 1, further comprising receiving authorization for areal-time transfer of funds, wherein the real-time transfer of funds isan automated clearing house (ACH) transfer from a checking account. 3.The method of claim 1, further comprising receiving authorization for areal-time transfer of funds, wherein the real-time transfer of funds isa credit card charge.
 4. The method of claim 1, further comprisingpresenting an electronically signable account agreement, wherein saidpresenting comprises presenting an agreement indicator displayedadjacent to the account agreement, wherein the account agreementspecifies a named individual.
 5. The method of claim 4, wherein saidagreement indicator is one of a plurality of indicators displayedadjacent to said account agreement, wherein the plurality of indicatorsincludes a selectable disagreement indicator.
 6. An online tradingsystem that comprises: at least one computer coupled to a network andconfigured to maintain a brokerage account database; and at least onecomputer coupled to the network and configured to execute aprincipalling process on new brokerage accounts in the brokerage accountdatabase, the process comprising: principalling online brokerageaccounts, wherein the principalling process comprises: obtaining anaccount type selection; presenting electronically a list of newbrokerage accounts having the selected account type to at least oneprincipal, the principal representing a brokerage; obtaining from the atleast one principal an individual status designation for each of the newbrokerage accounts listed, wherein said designation is indicative ofacceptance or non-acceptance of the new brokerage accounts; obtaining apassword from the at least one principal; and if the password is valid,updating records of the new brokerage accounts to reflect the individualstatus designations.
 7. The system of claim 6, further comprising atleast one computer coupled to the network and configured to use aplurality of web page templates to service web page requests receivedover the network, wherein the web page templates are configured toimplement a real-time account opening process that establishes newbrokerage accounts in the brokerage account database and wherein thereal-time account opening process includes: obtaining contactinformation; creating a new record in the brokerage account databasereflecting said contact information; obtaining brokerage accountapplication information; updating said new record in accordance withsaid brokerage account application information; displaying a brokerageaccount contract; and securing online agreement to said brokerageaccount contract.
 8. The system of claim 7, wherein the real-timeaccount opening process further includes: after securing said onlineagreement, obtaining funding information relating to a financialaccount; automatically initiating a transfer of funds from saidfinancial account; and updating said new record with a buying powergreater than zero.
 9. The system of claim 8, wherein the real-timeaccount opening process further includes: displaying a confirmation pageindicating successful completion of the real-time account openingprocess.
 10. The system of claim 8, wherein the financial account is achecking account.
 11. The system of claim 8, wherein the financialaccount is a credit card account.
 12. The system of claim 7, whereinsaid securing is accomplished by an electronic signature.
 13. The systemof claim 6, wherein the web page templates are further configured toimplement a trading order placement process.
 14. The system of claim 6,wherein the principalling process further comprises: storing applicationinformation of accepted new brokerage accounts on archival media. 15.The system of claim 6, further comprising: at least one computer coupledto the network and configured to execute a fraud checking process on newbrokerage accounts in the brokerage account database.
 16. Anon-transitory computer-readable storage device comprising instructionsthat, when executed, cause one or more processors to: principal onlinebrokerage accounts, wherein the principalling causes the one or moreprocessors to: obtain an account type selection; present electronicallya list of new brokerage accounts having the selected account type to atleast one principal, the principal representing a brokerage; obtain fromthe at least one principal an individual status designation for each ofthe new brokerage accounts listed, wherein said designation isindicative of acceptance or non-acceptance of the new brokerageaccounts; obtain a password from the at least one principal; and if thepassword is valid, initialize an update of records of the new brokerageaccounts to reflect the individual status designations.